Compare Criteria

Bluestone Mortgages

Mortgage Type

Residential

Property Value (min)

£75,000

Advance (min)

£50,000

Advance (max)

£1,000,000

Term (Max)

35 years

Minimum Age

20

Maximum Age

65 at the start of the mortgage term

Family Cash Gift Deposit

Yes

Family Gift of Equity Deposit

Yes

Income (min)

£18,000 minimum income required for the primary applicant

Sapphire Club range: -

Accept 75% of benefit income (DLA, Carers Allowance, Child Benefit, WFTC) if 2 years remaining and not primary source of income

Max 30% of household income

Working family tax credit is considered but must have 2 years left

Ex-Local Authority Properties

Houses - Yes
Flats - Yes

Minimum Ownership

6 months minimum ownership

Permanent rights to reside and remain

Yes

New Builds

No LTV restrictions for new build houses.

Max LTV of 75% for new build flats

Credit Score

No

Historic CCJ’s & Defaults

Defaults and CCJ's ignored for product selection purposes if less than £300.

Ignore all communication defaults/CCJ's

None allowed in last 6 months outside of the above criteria

Valuation Fees

Valuation fees paid direct to lender

Maximum number of applicants

4

Countries

England and Wales

Access

Access to Bluestone Mortgages is to a selective panel of mortgage packagers

Missed mortgage payments

No missed payments in last 12 months can consider up to 4 missed in months 13-24

Shared Ownership

Not acceptable

Right to Buy (RTB)

Not acceptable

Debt Management Plan

Acceptable subject to satisfactory conduct for last 12 months. If remaining after completion, will be treated as a monthly commitment up to 85% LTV.

Help To Buy (Shared Equity)

Yes - Sapphire product range is available for HTB.
• Free standard valuations on all HTB products - instructed on receipt of the application
• Help to Buy England & London schemes available
• Mortgage offer valid for 6 months with extensions possible
• Builder incentives of up to 5% of the purchase price accepted (not inc builders deposit)
• Incentives include white goods, carpets, small cashback, legal fees and contribution towards stamp duty
• Up to 3 CCJs in the last 36 months
• Up to 4 Defaults in the last 36 months
• 4 missed mortgages payments in the last 13 - 24 months
• IVA / Bankruptcy must be discharged for 3 years
• DMP accepted and can remain on completion 'No Minimum Term'

Ex-Bankrupts

Discharged over 3 years. Sapphire Club range: - Can consider bankruptcy outside of 12 months.

IVAs

Discharged over 3 years. Sapphire Club range: - Can consider current IVA but must be cleared upon completion. All defaults included within the IVA will not be independently assessed when determining which product will be available from our range. This will allow customers with any number of defaults within the IVA to secure a mortgage. Any defaults incurred post registration of the IVA will be incorporated into the underwriting of the loan application.

Repossessions

Not acceptable

Payday Loans

None active in last 12 months since the date of DIP - can consider exceptions but are case dependent.

Repayment Types

Repayment only

Lenders completion fee

£1495 (referred to as arrangement fee)

Affordability

Income multiples not used, Bluestone have their have own affordability calculator and must be used prior to DIP submission

Employment

Minimum 3 months in current position, continuous employment for last 12 months
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Contractors with 3 months remaining on contract accepted

Self Employed

Minimum 12 months trading required.
If trading longer than 1 year, average is taken over the last 2 - 3 years.

Share of Dividends Yes
Share of Directors remuneration Yes
Share of directors car allowances Yes
Share of directors pension contributions Yes
Share of use of home as office Yes
Share of private health insurance No
Share of spouse's income (sole app) No
Operating profit No
Retained net profit 100%
• If income/profits are increasing year on year, the average of the last 2 years net profits will be used.
• If income/profits are fluctuating, average of the last 3 years should be used or the latest year’s net profit, whichever is the lower.
• If income/profits are decreasing, the lowest net profit figure should be used for the past 3 years, together with an explanation as to why profits are reducing.